Iran ‘Preparing Ground’ for National Cryptocurrency to Dodge US Sanctions

27 07 2018 / 15:57

Local report from Iran has confirmed that the country will create its own state-issued cryptocurrency. The main purpose of the crypto is to circumvent the U.S. sanctions against Iran.

The message was delivered by Alireza Daliri, deputy for management and investment at the Directorate for Scientific and Technological Affairs. Daliri said that the government has already started negotiating about national cryptocurrency. According to his words, the “domestic digital currency” of Iran would facilitate country’s global financial operations and also help circumvent sanctions.

Technical details about gov’t-backed crypto have not been disclosed yet. The encrypted key could be introduced only in three month after all contradictions are negotiated and set.

The national representatives had stressed the topic couple of month ago after receiving warnings from the U.S. part. Back then, the U.S. actively discussed its sanctions regarding Iran. Nevertheless Iran wanted to overcome sanctions with crypto, national authorities had banned operations with other coins in country’s banks.

It’s not the first case when countries are trying to get over the challenges and obstacles set by other countries by adopting blockchain technologies. Similarly, Venezuela issued its own crypto, Petro, a month ago, having practically the same purpose.